![]() When you do a sale on credit, you will certainly need to track and manage the amount due against the party. ![]() For more information, see Interest Calculations. The benefit of tracking your outstandings receivables bill-by-bill is that you can easily settle the due amounts by linkingīased on your business process if you charge interest on the overdue payments, you can do so by defining the interest rates for the corresponding parties. Whether you have recorded your credit sales to the party as On Account or Bill-wise, you can track the outstanding receivables using reports in TallyPrime and manage your accounts systematically on receipt of the payments. 2,00,000 in 60 days, and C3 for the remaining Rs. 10,00,000 by creating bills references against each part payment – C1 for Rs. Each bill reference can also be specified with a credit period or a due date.įor example, you can record the credit sale of Rs. In such a case, you can use the bill allocation capability in TallyPrime to create one or more bill references as per the breakup decided. This helps to avoid conflicts with your parties, systematically track your outstanding receivables, and recover the payments from your parties in a timely manner.īill-by-Bill: At times, when you have made a credit sale that your party may not be able to pay at a time, you can mutually agree with your party to make part payments and recover the total due within a specified time. On recording a credit sale for such parties, TallyPrime reflects the pending amount and the due date based on the credit period specified for the party. You can specify a credit period of say 30 days in the party ledger for the party to make the payments. Use credit period: To ensure that all the credits are tracked systematically, it is always advisable to maintain your accounts by specifying the credit period or due date for the party. 10,00,000 as On Account against Customer A. 4,00,000 to Customer A, you can view the total outstanding amount of Rs. 6,00,000 and 50 pieces of item 2 worth Rs. By referring to the corresponding reports, you can simply follow up with your parties, when needed, for recovery of the due amounts.įor example, if you have made a credit sale with 100 pieces of item 1 worth Rs. Record and track dues in TallyPrime: If you have a good relationship with your parties and trust them, and have sold goods or services on credit, TallyPrime takes care of tracking all your outstanding receivables from the parties. You can manage outstanding receivables in TallyPrime and keep record of all the dues. Managing the outstanding receivables can be critical to your business because it not only helps to understand how much your parties owe you, but also helps you to recover the dues on time and use it for your business, as needed. ![]() All such dues from your parties will be your outstanding receivables. When you do sales on credit, you would certainly need to keep track of the due amounts that your parties owe you. Manage Outstanding Receivables in TallyPrime ![]()
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